Herzliya, Israel

By Jonathan Matsey

Horizon Semiconductors Ltd., a fabless semiconductor company, has raised $16 million in Series A funding.

Jerusalem Venture Partners led the round and contributed the bulk of the financing, according to Glen Schwaber, a general partner at the firm. The round included funding from Giza Venture Partner and CSK Venture Capital.

Investors are mum on the details about the year-old Herzliya, Israel-based company. A representative for Giza declined to comment and Schwaber would only provide the bare details. He said Horizon is still in product development mode. "We're not going public with the whole story yet," he added.

According to a Giza newsletter, Horizon is working on a family of compression processors and will target the mass consumer applications market.

Horizon's co-founders Amir Morad and Leonid Yavitz previously co-founded Visiontech Ltd. That company, which sold a digital video/audio chips for the consumer electronics market, was purchased by Broadcom Corp. in 2000.